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Tortoise Announces 2020 Closed-End Fund Tax Characterization of Distributions and Release of Combined Annual Report

·3 min read

Tortoise Energy Infrastructure Corp. (NYSE: TYG)

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)

Tortoise Energy Independence Fund, Inc. (NYSE: NDP)

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)

Tortoise Essential Assets Income Term Fund (NYSE: TEAF)

Tortoise today announced the tax characterization of 2020 distributions paid to common stockholders of each of the funds listed below:

2020 Tax Characterization of Distributions

TYG

NTG

TTP

NDP

TPZ

TEAF

Qualified Dividend Income

0%

0%

0%

0%

8%

19%

Ordinary Dividend Income

0%

0%

0%

0%

49%

39%

Return of Capital

100%

100%

100%

100%

43%

42%

Long-Term Capital Gain

0%

0%

0%

0%

0%

0%

Additional information regarding the tax characterization of the 2020 distributions is available at www.TortoiseEcofin.com.

A copy of the information is also available upon request by calling (866) 362-9331.

Nothing contained herein or therein should be construed as tax advice. Consult your tax advisor for more information. Furthermore, you may not rely upon any information herein or therein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.

Annual Report

The adviser also announced today the release of the combined 2020 annual stockholders' report, including all of these funds. The annual report is available online at cef.tortoiseecofin.com. Please call (866) 362-9331 or email info@tortoiseecofin.com to request a hard copy of this report free of charge.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210128006220/en/

Contacts

Maggie Zastrow
(913) 981-1020
info@tortoiseecofin.com